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92027_guy
ParticipantAll good thoughts, that’s why I like this forum. I wasn’t taking into account the increased supply as well from “all those foreclosed houses” or the move in with the parents/friends deal. Hopefully I’m going to get to avoid that…
I’m going to know a lot more about the prices of rents around ohhhh say Fall 2009. I’ll post about what I find as I take the walk of shame from owner to renter. Might check out a different area though, been in MM since 2003, maybe Tirrasanta or Santee.
Participant[quote=FormerSanDiegan]
But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. The coastal areas were mainly in JUMBO territory, not conforming loans.
[/quote]
FSD: I have read some of the breaking news on this, but can’t seem to get 100% if when they talk about conforming if they mean the old limits (417k)or the new ones (2009 revised 625k for So Cal)? They have to mean the new ones, right? Unless they really are only looking at helping “the poor.”
Participant[quote=FormerSanDiegan]
But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. The coastal areas were mainly in JUMBO territory, not conforming loans.
[/quote]
FSD: I have read some of the breaking news on this, but can’t seem to get 100% if when they talk about conforming if they mean the old limits (417k)or the new ones (2009 revised 625k for So Cal)? They have to mean the new ones, right? Unless they really are only looking at helping “the poor.”
Participant[quote=FormerSanDiegan]
But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. The coastal areas were mainly in JUMBO territory, not conforming loans.
[/quote]
FSD: I have read some of the breaking news on this, but can’t seem to get 100% if when they talk about conforming if they mean the old limits (417k)or the new ones (2009 revised 625k for So Cal)? They have to mean the new ones, right? Unless they really are only looking at helping “the poor.”
Participant[quote=FormerSanDiegan]
But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. The coastal areas were mainly in JUMBO territory, not conforming loans.
[/quote]
FSD: I have read some of the breaking news on this, but can’t seem to get 100% if when they talk about conforming if they mean the old limits (417k)or the new ones (2009 revised 625k for So Cal)? They have to mean the new ones, right? Unless they really are only looking at helping “the poor.”
Participant[quote=FormerSanDiegan]
But, it has to be owned or guaranteed by Freddie or Fannie, meaning presumably that it must fall within conforming limits. The coastal areas were mainly in JUMBO territory, not conforming loans.
[/quote]
FSD: I have read some of the breaking news on this, but can’t seem to get 100% if when they talk about conforming if they mean the old limits (417k)or the new ones (2009 revised 625k for So Cal)? They have to mean the new ones, right? Unless they really are only looking at helping “the poor.”
Participantjonnycsd/urbanrealtor: The biggest reason I’m considering BK are the potential liabilities from the second lien holders. The rentals will have about 150 – 180k in debt forgiveness after short sale/foreclosure. As I understand it that leaves me with 3 possibilities for the seconds that will get nothing or less then amount owed….
1. Send 1099C to IRS and I will have to include that as income probably in tax year 2009.
2. Bring suit against me to recover the difference
3. Do nothing but write off the loss.The first 2 are concerning enough for me to want to surrender houses in BK so federal law will eliminate that possibility. I’m not looking forward to the Credit score in the 400’s though. So if anyone feels I’m mistaken I’d welcome a correction.
PS. Hopefully this isn’t too much of an annoying “all about 92126_guy” thread, if so just don’t comment and I’ll take the hint. Appreciate the advice already given.
Participantjonnycsd/urbanrealtor: The biggest reason I’m considering BK are the potential liabilities from the second lien holders. The rentals will have about 150 – 180k in debt forgiveness after short sale/foreclosure. As I understand it that leaves me with 3 possibilities for the seconds that will get nothing or less then amount owed….
1. Send 1099C to IRS and I will have to include that as income probably in tax year 2009.
2. Bring suit against me to recover the difference
3. Do nothing but write off the loss.The first 2 are concerning enough for me to want to surrender houses in BK so federal law will eliminate that possibility. I’m not looking forward to the Credit score in the 400’s though. So if anyone feels I’m mistaken I’d welcome a correction.
PS. Hopefully this isn’t too much of an annoying “all about 92126_guy” thread, if so just don’t comment and I’ll take the hint. Appreciate the advice already given.
Participantjonnycsd/urbanrealtor: The biggest reason I’m considering BK are the potential liabilities from the second lien holders. The rentals will have about 150 – 180k in debt forgiveness after short sale/foreclosure. As I understand it that leaves me with 3 possibilities for the seconds that will get nothing or less then amount owed….
1. Send 1099C to IRS and I will have to include that as income probably in tax year 2009.
2. Bring suit against me to recover the difference
3. Do nothing but write off the loss.The first 2 are concerning enough for me to want to surrender houses in BK so federal law will eliminate that possibility. I’m not looking forward to the Credit score in the 400’s though. So if anyone feels I’m mistaken I’d welcome a correction.
PS. Hopefully this isn’t too much of an annoying “all about 92126_guy” thread, if so just don’t comment and I’ll take the hint. Appreciate the advice already given.
Participantjonnycsd/urbanrealtor: The biggest reason I’m considering BK are the potential liabilities from the second lien holders. The rentals will have about 150 – 180k in debt forgiveness after short sale/foreclosure. As I understand it that leaves me with 3 possibilities for the seconds that will get nothing or less then amount owed….
1. Send 1099C to IRS and I will have to include that as income probably in tax year 2009.
2. Bring suit against me to recover the difference
3. Do nothing but write off the loss.The first 2 are concerning enough for me to want to surrender houses in BK so federal law will eliminate that possibility. I’m not looking forward to the Credit score in the 400’s though. So if anyone feels I’m mistaken I’d welcome a correction.
PS. Hopefully this isn’t too much of an annoying “all about 92126_guy” thread, if so just don’t comment and I’ll take the hint. Appreciate the advice already given.
Participantjonnycsd/urbanrealtor: The biggest reason I’m considering BK are the potential liabilities from the second lien holders. The rentals will have about 150 – 180k in debt forgiveness after short sale/foreclosure. As I understand it that leaves me with 3 possibilities for the seconds that will get nothing or less then amount owed….
1. Send 1099C to IRS and I will have to include that as income probably in tax year 2009.
2. Bring suit against me to recover the difference
3. Do nothing but write off the loss.The first 2 are concerning enough for me to want to surrender houses in BK so federal law will eliminate that possibility. I’m not looking forward to the Credit score in the 400’s though. So if anyone feels I’m mistaken I’d welcome a correction.
PS. Hopefully this isn’t too much of an annoying “all about 92126_guy” thread, if so just don’t comment and I’ll take the hint. Appreciate the advice already given.
ParticipantI’m kinda dealing with a similar situation but in reverse, I have a couple of outside CA rentals (one in TX and one in NC) and I’m on the edge of BK’ing them away. I think the downturn has been around long enough that people are starting to think of missed opportunities vs. getting out while you can. I can only imagine how pissed I’d be at myself for selling in 98 like the previous poster, but that is hindsight and the unknown future is really unknown. My NC house was bought for 137k in late 05, comps showed 150k in December 08 before the BofA layoffs. It’s a 250 a month neg. So far I’ve had no renter nighmares but there’s always that anxiety of getting a call about something expensive. Non money issues like Stress/complexity are also factors to consider.
I guess I’m trying to say it’s a gamble either way, and I have to agree with carlsbadworker whatever you choose hindsight will cleverly hide the bad and exaggerate the good so you will regret it. Not sure if that helped…ParticipantI’m kinda dealing with a similar situation but in reverse, I have a couple of outside CA rentals (one in TX and one in NC) and I’m on the edge of BK’ing them away. I think the downturn has been around long enough that people are starting to think of missed opportunities vs. getting out while you can. I can only imagine how pissed I’d be at myself for selling in 98 like the previous poster, but that is hindsight and the unknown future is really unknown. My NC house was bought for 137k in late 05, comps showed 150k in December 08 before the BofA layoffs. It’s a 250 a month neg. So far I’ve had no renter nighmares but there’s always that anxiety of getting a call about something expensive. Non money issues like Stress/complexity are also factors to consider.
I guess I’m trying to say it’s a gamble either way, and I have to agree with carlsbadworker whatever you choose hindsight will cleverly hide the bad and exaggerate the good so you will regret it. Not sure if that helped…ParticipantI’m kinda dealing with a similar situation but in reverse, I have a couple of outside CA rentals (one in TX and one in NC) and I’m on the edge of BK’ing them away. I think the downturn has been around long enough that people are starting to think of missed opportunities vs. getting out while you can. I can only imagine how pissed I’d be at myself for selling in 98 like the previous poster, but that is hindsight and the unknown future is really unknown. My NC house was bought for 137k in late 05, comps showed 150k in December 08 before the BofA layoffs. It’s a 250 a month neg. So far I’ve had no renter nighmares but there’s always that anxiety of getting a call about something expensive. Non money issues like Stress/complexity are also factors to consider.
I guess I’m trying to say it’s a gamble either way, and I have to agree with carlsbadworker whatever you choose hindsight will cleverly hide the bad and exaggerate the good so you will regret it. Not sure if that helped… -
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